Finance
Capitalists laud opening of Iraqi Kurdistan Stock Market
Sunday, February 7th 2010 4:49 PM
Erbil, Feb. 6 (AKnews) – Capitalists, bankers, and representatives of the giant investing companies see the establishment of Kurdistan Stock Market as a significant economic step forward and a glimpse of progress in the different economic fields of Kurdistan.
Explaining the financial power of the bank, Head of the Kurdistan Stock Market, Ahmed Abdurrahman, said "it took one and a half year until the Market licensed by the Iraqi Federal Government". He also added that the bank is currently possessing 10 billion Iraqi Dinars.
"We will initially set up 10 stocks companies and release as much stocks as 700 billion IDs for people to share," Abdurrahman added.
The major usage of the stock markets is for dealing with stocks, securities, crude oil, and gold. As the global financial crisis has occurred a remarkable recession can be felt among the world stock markets. Money exchange and commodities are on wavering tides between 1% to 5% daily.
A number of companies and giant banks have taken part in building Kurdistan Stock Market; they see the Market as the backbone of Kurdistan Region's economy.
The representative of the shared company of Korek Telecom, Chawshin Muhammad, said that "they have shared by the some 970 million IDs in order to invest local capital and to provide job opportunity for the people of Kurdistan.
The Iraqi law relevant to securities prevented us from taking a greater part of the Market, i.e. to share by more than 10%. If not, we were aiming to have a greater participation, Korek Telecom representative told The Independent National News Agency of Kurdistan (AKnews).
For his part, general director of the Central bank of Kurdistan Region, Adham Karim, said that opening stock market would play a significant role in booming the Region's economic movement. It would build direct relationship with the outside world.
Stock market encompasses all of the markets in a country; all of the financial treatments depend on the price of the stock markets.
"The major reason for our participation is to further activate Kurdistan's economic movement", manager of Shimal Bank, Taha Rawi, said before revealing that "all of the participated companies and the banks want to set up stock companies in order to have a greater participation and encourage other people to enter the market".
It is a new experience for investment, so we have to gather our efforts to activate the Kurdistan Region's economic movement, Rawi added.
Besides the participation of the private companies and the Government, the trade and industry chambers of Erbil, Sulaimaniyah, and Dahuk are also participating.
Head of Dahuk Trade and Industry Chamber, Hasan Abdulhamid, said that since the Kurdistan Regional Government (KRG) does its best to the private sector, economic condition is on progress and the project is a sign of free trade marketing.
Stock market was ever before established in Belgium in 1576 by the Italian trader, Vandini Borse. He initially possessed a hotel and after the growth of financial dealing he set up a Stock Market.
Reported by: Aras Salih, Translated by: Star Mzaffar, and Editing by: AKnews
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